Where am I? 
Home Investment
Categories: Investment
Topics: Keydata| HSBC| Goldman Sachs| PricewaterhouseCoopers| KPMG
A group of 700 Keydata SLS investors have raised the hundreds of thousands of pounds needed to escalate a legal case for compensation against the biggest names in global finance.
As first reported by IFAonline in December, these include banks Goldman Sachs, HSBC and Credit Suisse as well as 'Big Four' accountancy firms KPMG and PwC Luxembourg.
A number of institutions are reportedly participating in the legal action, including Orion Life, a Brunei-based insurer, which put 38m euros (£32m) into SLS.
Institutional funding would be vital to pursue a future action, say lawyers.
The FSCS could also join the legal action with a view to recouping the estimated £60m it has so far refunded to savers, according to the group.
Former SLS director David Elias, now assumed to be dead, is accused of stealing the £103m from the fund.
| Share | |
| Comment | Keydata victims secure funds to sue Goldmans, HSBC |
More investment news
Email alerts
Recommended reading
Categories
Topics
Comments
What about the FSA?
Will this action escalate towards an investigation of the regulator's role? After all proper regulation should surely have picked up these issues before they reached the sales brochures.
Posted by: Still Hopeful
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
This year we have 14 awards designed to mark out the very best products in a highly competitive and innovative market. This includes three new awards for 2011 to reflect the developments in this rapidly growing market: Best Dual/Multi-Index Product, Best Structured (Oeic) Fund and Best Structured Product Provider.
Events
Poll
|
|
Job search
Ifaonlinejobs will open the right investment career path for you. Search hundreds of vacancies on www.ifaonlinejobs.co.uk now
In Focus
Rob Burdett, co-head of Thames River Multi-Capital, highlights some of the challenges facing...
Viewpoints
The darkest days of the recession following the financial crisis in late 2008 may be behind...
sponsored by
Conflict of Interest
If PWC are now to be embrolied in legal action, how can they continue to be the adminstrator for Keydata? It has been said before that from day one it was believed PWC had a conflict of interest and the FSA should never have appointed them to undertake the investigation which led to Keydata being deemed insolvent for which they were subsequently given the appointment as administrator too.
Posted by: Nameless